How the crisis may puncture the GDP cult
Polaris, or the North Star, is a reliable guide to measure one’s latitude in the northern hemisphere. But if you want to go east or west, you need other guiding stars. Similarly, short-term economic growth has served as an attractive guiding star for public policies since the Second World War. But the current crisis requires Europe to move in new directions to meet the challenges of rising debt and inequalities. We need new guiding stars.
December 20, 2011